Don’t Overlook the Fastest Route to College Financial Aid
If you’re one of the millions of students preparing to apply for college then you’re also probably thinking about how you’re going to pay for your college education. If you’re one of the lucky ones then your parents may be footing the bill. If you’re even luckier then maybe you have a scholarship that will cover all or most of your college expenses. Beyond these options, however, there are a myriad of other funding options available to you. The thing is that you have to be proactive about finding these sources. Using the Free Application for Federal Student Aid (FAFSA) you can hit up a variety of financial aid sources with just one application.
What is FAFSA?
FAFSA is a financial aid program provided by the U.S. Department of Education. In essence, it’s a way for students to obtain federal financial aid in the forms of federal grants, work study programs and federally funded student loans. All you have to do is complete the free FAFSA application. Once you submit your application and it is reviewed, you’ll receive an award offer, which is based on your financial need. With over $80 billion of federal aid being disbursed each year, FAFSA offer a prime opportunity to receive the money you need to pay for college.
Benefits of Federal Student Loans
Private lenders, the bank where you have your checking account or where your parents bank, are private loan opportunities that can also help you obtain the money you need for college. Federal student loans, however, have a number of advantages that make it the better option over applying for private student loans.
• Lower interest rates
• Fixed interest rates instead of variable rates
• More attractive repayment terms and options
• Deferment of payments for six months after graduation
• Payment amounts based on employment income
While federal financial aid programs are not the only options available to fund your college education, it is the first place you should start. It’s free to apply and you’re not obligated to accept what is awarded to you, but it may be the answer to paying for your entire college education or covering the shortfall.